Yahoo takes big leap with $1.1B deal for Tumblr

Yahoo’s CEO is making a $1.1 billion bet on the online blogging forum Tumblr as Marissa Mayer tries to make a former Internet icon cool again.

Yahoo’s CEO is making a $1.1 billion bet on the online blogging forum Tumblr as Marissa Mayer tries to make a former Internet icon cool again.

Marissa Mayer has made her boldest move to date as chief of Yahoo! with the billion-dollar purchase of Tumblr, a popular blogging platform she vowed not to ruin after protests from youthful users.

Yahoo! announced Monday it would acquire blogging platform Tumblr for $1.1 billion, saying the two companies “share a vision to make the Internet the ultimate creative canvas.”

Yahoo!’s board has approved a deal to purchase the popular blogging platform Tumblr for $1.1 billion in cash, The Wall Street Journal reported Sunday.

Yahoo may be on the verge of closing its biggest acquisition during the 10-month reign of CEO Marissa Mayer as she tries to attract more traffic and advertisers to the Internet company’s website and mobile applications.

Yahoo is renovating the main entry into its website in an effort to get people to visit more frequently and stay longer. The long-awaited makeover of Yahoo.com’s home page is the most notable change to the website since the Internet company hired Marissa Mayer as its CEO seven months ago. The new look debuted Wednesday in the U.S., although it could take a few more days before everyone starts to see it.

Yahoo! confirmed Tuesday that it bought Snip.it, a young San Francisco startup that lets people create scrapbooks with pictures, articles, videos and other content found online.

Yahoo! said Friday it was ordered to pay $2.7 billion by a Mexican court in a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.

Yahoo! chief executive Marissa Mayer said in an interview released Wednesday she is pushing the Web giant’s focus to mobile, including getting its employees on smartphones.

Yahoo CEO Marissa Mayer turned in an encouraging report card covering her first few months running the troubled Internet company.

Yahoo Inc. said Friday it will close its South Korean operations by the end of this year, citing a challenging business environment as it struggles to compete in a market dominated by local web portals.

Yahoo! on Monday announced it had nabbed another key Google executive, naming Henrique de Castro as chief operating officer.